In the US, more than 25% of 20-year-olds are predicted to become disabled before retirement age. Out of this population, the estimated disability prevalence rate for physicians is 3.1%. So, if you become mentally or physically disabled during your peak years, you will have no income to pay bills, taxes, mortgages, and medical school debt.
Therefore, you need to have physician disability insurance that offers an income when you are unfit to perform your healthcare duties. When selecting a disability insurance program, one of the top insurance providers is Ameritas. This blog is a complete guide on the Ameritas disability insurance for physicians programs to show why you need to subscribe to this insurance plan.
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What Is Ameritas Disability Insurance Program?
Ameritas is one of the oldest insurance companies, as it was founded in 1887 in Nebraska. It offers two types of policies in the physician disability insurance plan. The key difference between them is the issuance of benefits.
DInamic Foundation Insurance Policy: This comprehensive insurance plan offers reimbursements for medical expenses if you have a partial disability. You will also receive shorter elimination periods (waiting periods in which you cannot claim disability insurance benefits). Moreover, the company will provide you with benefits for certain physical losses.
If you become ineligible for your current health insurance due to disability, the DInamic Foundation Insurance Policy will reimburse your COBRA premiums. You can customize and add multiple riders (additional coverage and protection against risks) according to your requirements.
DInamic Fundamental Insurance Policy: In this policy, you are paid a lump sum of money instead of receiving benefits over a specified period of time. You can choose the benefit amount based on your annual earnings. However, the company offers a maximum of $100,000 as the total benefit amount.
What Is the Eligibility Criterion for Claiming Benefits?
Regardless of what policy or policy provider you choose, the eligibility criteria for claiming benefits depend on the definition of disability.
According to the official disability definition, any mental or physical condition that prevents you from interacting and conducting certain activities is termed a disability. With regard to this, your insurance’s terms will decide whether or not and how many benefits are eligible for you.
Why Should Physicians Choose Ameritas Disability Insurance Program?
These are some of the main reasons why you need to take the Ameritas Disability Insurance policy:
- The plan provides physicians with two types of insurance plans: DInamic Foundation and DInamic Fundamental.
- The benefits depend on how much financial coverage you need after acquiring a disability;
- You can add as many custom riders as you need.
- You can reduce your premium (the amount of payment paid to the insurance provider) by becoming a member of associations that support Ameritas.
- You can choose the elimination period, ranging from 30 to 730 days.
- Each year you don’t receive benefits, the elimination period will be reduced by two days.
- You can take reimbursement for injuries that require medical or dental treatment.
As a physician, you are vulnerable to obtaining a disability that can affect your working capabilities. As a result, you will be unable to pay your bills and afford a quality lifestyle. Therefore, you must have a disability insurance policy that provides financial help. Ameritas disability insurance program has two policies that offer financial coverage according to your needs. You can also customize the policy to take additional benefits.